An Indicative Foreign Exchange Rate will be provided to clients prior to 8:00 am AEDT daily, as an approximate conversion rate.
A 60 basis points spread (bps) fee will be applied as part of the conversion from AUD to USD.
All AUD to USD Cash Account transfers submitted prior to 9:00 am will be logged and converted at a fixed rate supplied at 2:00 pm AEDT. This will be shown in a transaction summary emailed to you with details of the transfer. The funds will appear in your USD Cash Account prior to the US Market opening that evening.
There are no fees on the purchase or sale of the US securities related to Foreign Exchange.
An example of how the Exchange is converted:
A client transfers $100 AUD into USD
Phillip Capital Limited will provide an FX rate of 1.3990
A 60bps spread is then applied. This finalises the conversion rate at 1.4050
$71.17 USD will then be credited into client's USD ledger
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